AUSTRALIA'S LATENT WEALTH.

Dominion, Volume 1, Issue 42, 13 November 1907, Page 4

AUSTRALIA'S LATENT WEALTH.

SPEECH BY SIR ■WILLIAM-LYNE. Speaking in Sydnoy recently, Sir William Lyno, tho Fodcral Treasurer, said that lately he had the privilege of paying a visit, to England. While he always was a true Australian, ho' was moro convinced than ovor that no country under the sun had moro or better prospects of development than Auitriilia. (Cheers.) Ho'was also convinced that if the manufacturing clusshh England on y knew tho truth abdut the matter, there would be no necessity of advertising tho country in ordor to attract population; ; . , , ,' Enormous mineral wealth awaited development. Tho coal' measures of Now South Wales alone wore among 1 the greatest m the world, extending as they did to the Queensland border on the north, to Dubbo on the wost, and to Illawarra on the south; in fact, we had everything here noocssary to suppy the wants of our own people if; they would only utiliso tho opportunities. Australia imported each year iron—rails and other "-to the value of £7,000,000. Wo wanted that industry for more than one reason. V* wanted it developed, not only to give our own people employment, but for our own. defence, for tho defence of Australia, (Cheers.) show the necessity for this, at the tinio of tho South African war an order was sent ; by him to Great Britain fpr 5000 rifles, but not a single rifle ever reached them until months after the .war was over. J*V\vaa pleased to tell them, however, that, in order to prevent Australia being left m a position likei that, a small arms factory would bo established within the noxt twelve, months. (Choers.) Half the money would oe.vj.el in a month or so, and tho balance next year. And, in addition to this, the • Gd/ernirom's intended to put the country in a better.position for dofencc. , It also intended to mk Parliament ultimately to. provide tor . tlie building of torpedo boats and submarines, with which to defend Australia s shores.